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      "text": "13 Comparable companies selected: Satellite operators (SES, ViaSat), Pay-TV operators (RTL, TF1, Pro Sieben Sat, Mediaset, ITV), European Telcos (Iliad, BT, KPN, United Internet, Proximus, Telecom Italia), Telecom Infrastructure (Cellnex, Inwitt).",
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      "text": "Previously benchmark for relative TSR was based on an average of four indices. Two changes occurred in FY 2019-20: ETL shares removed from MSCI France, Inmarsat delisted.",
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      "text": "Board decided to shift towards a panel of comparable companies to simplify methodology and align with market practice.",
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      "text": "1BF 120, MSCI Europe Infrastructure, MSCI Europe Telecom and a composite index of the top three listed competitors in the satellite industry (SES, Inmarsat, and ViaSat).",
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      "text": "FOCUS ON RELATIVE TSR BENCHMARK PANEL",
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